Published date: 27 October 2021

This notice was replaced on 11 January 2022

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 11 January 2022)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AS

Value of contract

£54,000 to £60,000

Procurement reference

FRC2021-0155

Published date

27 October 2021

Closing date

24 November 2021

Closing time

12pm

Contract start date

8 December 2021

Contract end date

29 April 2022

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit and high-quality risk management.

In May 2018 the FRC published a thematic review on Audit Culture. Audit firm culture is a critical component of an audit firm's ability to deliver high quality audits in the public interest therefore the review looked at audit firms' activities to establish, promote and embed a culture that is committed to delivering consistently high-quality audits.

One key attribute of a good, healthy audit culture is auditors being able to challenge companies' management teams effectively and exercise professional scepticism when performing audits. The FRC's work continues to show that auditors often struggle to challenge the management of audited entities effectively, especially on issues that involve judgement. This can result in auditors failing to obtain sufficient and appropriate audit evidence, and in some cases, failing to identify or seek the correction of potential misstatements of the financial statements.

This research project will provide evidence and analysis to support the FRC's current thematic review on audit culture. This will involve considering drivers of behaviour that either promote or inhibit auditors' exercise of professional scepticism and their effective challenge of management - including the reward structure, performance management, learning and development, leadership, governance, and communication at the firm.

The contractor's research team will gather evidence using focus groups. The research team's analysis of these will subsequently be provided in a report to the FRC. The FRC's team will use the information in this report in addition to the FRC's own evidence and analysis to produce a thematic review report written by the FRC. The research team's report will not be published separately but the research team will be credited in the FRC's published report.

The suggested approach to the focus groups and interviews will be as follows:

A. A minimum of three focus groups for each of the seven largest audit firms, split by level of seniority

B. A minimum of three individual interviews with a Partner or Director at each of the seven largest audit firms

C. A focus group with the Independent Non-Executive Directors at each of the seven audit firms.

Full details are available in the attached Invitation to Tender (ITT) document.

More information

Attachments

Additional text

Notes:-

• Download and review the documents;

• Observe the timelines and tender process

• Register your interest in this opportunity by email to procurement@frc.org.uk

• You will need to register your interest in this opportunity to receive the Q&A responses.

About the buyer

Contact name

Head of Procurement

Address

8th Floor,
125 London Wall
LONDON
EC2Y 5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

www.frc.org.uk